ADNOC maintains forecast for April 2023 Murban crude export volumes at 1.5 mil b/d

Abu Dhabi National Oil Co. has maintained the forecast for its flagship Murban crude available for export in April 2023 at 1.5 million b/d.

In its latest report released April 27, the company kept the volume unchanged, with exports for January-March 2023 at 1.5 million b/d each.

Murban, produced from 2,000 onshore wells, is ADNOC's largest crude by volume, accounting for a production capacity of about 2 million b/d of the company's total capacity of around 4 million b/d.

ADNOC sets the official selling price for Murban crude using the monthly average of the Singapore marker price of Murban futures on the ICE Futures Abu Dhabi exchange, which goes to delivery two months in advance.

The OSPs for ADNOC's Upper Zakum, Das and Umm Lulu grades are priced at a differential to the Murban OSP.

ADNOC earlier raised the May official selling price for its flagship Murban crude oil by almost 20% from April, setting the May outright OSP price at $112.48/b, up $18.49/b from the April OSP.

Murban is the second physically delivered futures contract to trade on a regional exchange after the Dubai Mercantile Exchange's Oman crude futures.

Murban is a deliverable grade in Platts Dubai and Oman crude assessments by S&P Global Commodity Insights.